Oil Prices Take a Hit

Crude oil prices experienced a significant downturn, dropping over 6% following China's announcement of increased tariffs on US goods. This move was in direct response to the United States' imposition of tariffs on Chinese imports, marking a new escalation in trade tensions between the two economic giants.

Market Reaction

West Texas Intermediate (WTI) for May's settlements saw a dramatic fall of 6.55%, trading at $55.72 per barrel. Similarly, Brent for June's deliveries wasn't spared, with a 6.22% drop, trading at $58.99 per barrel. These figures highlight the immediate impact of trade policies on global oil markets.